Tech Nation 2018 report: UK tech is surging past the rest of the economy

May 17, 2018 · uktech.news

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The digital tech sector in the UK is booming, employment is high and new tech hubs are cropping up across the nation, according to Tech Nation’s 2018 report.

According to the findings, the UK’s digital tech sector grew 2.6 times quicker than the rest of the economy between 2016 and 2017, with the industry now being worth nearly £184bn.

The report also found that digital tech companies’ turnover grew by 4.5% between 2016-17, whilst UK GDP grew by 1.8%. Digital also beat the non-digital sector for the fourth consecutive year.

Employment and funding

As well as money, job opportunities in this field are reportedly plentiful, too – tech employment is rising at five times the rate of the rest of the economy.

2017 was also a great year for funding. British digital tech companies raised £5.8bn in venture capital investment during the year, almost double the previous year. The 10 biggest rounds totalled £1.9bn, including "mega funding" rounds such as gaming firm Improbable raising £370m from Japan’s Softbank, food delivery service Deliveroo raising £284m and mobile network Truphone raising £249m.

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